The City of Mountain Grove was awarded $2.5 million for industrial development efforts, Gov. Mike Parson said Friday.
Parson announced that the Missouri Department of Economic Development (DED) has awarded $75 million through the Industrial Site Development Grant Program for 15 projects — including this one at the Twin Cities Industrial Park — across the state. The program, funded through the American Rescue Plan Act (ARPA) and part of Governor Parson’s fiscal year 2023 budget plan, is focused on helping communities develop shovel-ready industrial sites to support business expansion and attraction.
“Strengthening our state’s economy through business attraction and growth remains a top priority of our administration,” Parson said. “Through the Industrial Site Development Grant Program, we’re continuing to promote Missouri’s economic prosperity by delivering the infrastructure and resources that companies need to thrive. We look forward to the benefits this program will provide for businesses and communities statewide.”
The Industrial Site Development Grant Program was launched in December 2022. The program awarded competitive grants to communities to fund costs related to the establishment and expansion of industrial sites. Of the $75 million available, $50 million was reserved for sites that are 1,000 acres or larger, while $25 million was reserved for sites smaller than 1,000 acres. In total, the program will help develop 9,700 acres for industrial use.
“Development-ready sites are vital to attracting employers that make a positive difference for Missourians,” Maggie Kost, acting director of the Department of Economic Development said. “To grow our economy, it’s important to stand out to businesses by providing what they need to invest and expand. This program represents our commitment to creating opportunities through strategic investments in Missouri’s future.”
“This program is awarding funds to a variety of communities, large and small, all across our state,” Shad Burner, director of federal initiatives for the Department of Economic Development said. “Whether for a city, county, or port authority, having industrial sites ready for businesses is absolutely critical to growth. We’re excited to support local economies through grant awards that are helping establish foundations for success.”
The grants required local investment, and state grant funds could represent no more than 50 percent of total project cost. For example, if the total project cost was $5 million, the grant award request could be for no more than $2.5 million. Local match investment sources could include local ARPA funds, private investment and other local funds.